Topics in Macro Economics

宏观经济学专题

• 批准号: 8922009
• 负责人: Marianne Baxter
• 金额: $ 6.99万
• 依托单位: University of Rochester
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1990
• 资助国家: 美国
• 起止时间: 1990-02-15 至 1993-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8922009&HistoricalAwards=false
• 关键词: Topics; Macro; Economics

This project addresses a set of related, central questions in macroeconomics. One set of questions involves savings and investment in the world economy. For example, why are national savings and investment rates so highly correlated when there appears to be highly integrated international capital markets? Another set of questions involves the magnitude of equity premium and the variability of asset prices. For example, how does the presence of uncertainty arising from specific shocks to the economy affect the required return on equity and its variability. This research is important because it will provide a better understanding of how monetary and fiscal policy affect savings and investment behavior. These issues are investigated using recently-developed techniques for analyzing equilibria in dynamic, stochastic economies. The emphasis is on obtaining quantitative model predictions, and comparing these predictions with appropriate data. Although the models used are equilibrium models, the analysis is not confined to environments in which equilibrium is Pareto optimal. In fact, an important component of the proposed research is the analysis of economic environments in which there are important constraints on the opportunities of individuals to pool risks via financial markets.

该项目解决了一系列相关的核心问题， 宏观经济学 一组问题涉及储蓄和 投资世界经济。 例如，为什么国家 储蓄率和投资率高度相关， 似乎是高度一体化的国际资本市场？ 另一组问题涉及股权溢价的大小 以及资产价格的可变性。 例如， 存在的不确定性所产生的具体冲击， 经济影响所需的股本回报率及其可变性。 这项研究很重要，因为它将提供一个更好的 理解货币和财政政策如何影响储蓄 和投资行为。 这些问题的调查使用最近开发的技术 用于分析动态随机经济中的均衡 的 重点是获得定量模型预测， 将这些预测与适当的数据进行比较。 虽然 所用模型均为平衡模型，分析不受 到均衡是帕累托最优的环境。 事实上， 拟议研究的一个重要组成部分是分析 经济环境中存在着重要的制约因素， 关于个人通过金融手段共担风险的机会 市场的